....Allegheny's 4Q profit shrinks 9 percent
January 23, 2008: 09:03 AM EST
Jan. 23, 2008 (Thomson Financial delivered by Newstex) --
PITTSBURGH (AP) - Allegheny Technologies Inc.'s (NYSE:ATI) profit shrank 9 percent in the fourth quarter as shipments of stainless steel were 'extraordinarily weak,' the metal producer said Wednesday.Allegheny Technologies earned $148.9 million, or $1.45 per share, in the fourth quarter, compared with profit of $163.1 million, or $1.59 per share, in the fourth quarter of 2006.Sales slipped 9 percent to $1.27 billion from $1.4 billion.Analysts polled by Thomson Financial forecast profit of $1.41 per share on sales of $1.25 billion.Sales of stainless steel softened in the fourth quarter as customers tried to clear inventory, the company said. Allegheny Technologies shipped 66,400 tons of standard-grade stainless steel, which is 'well below our target needed to operate efficiently.'...